157Shares to be forfeited if membership cancelled

#### 157 Shares to be forfeited if membership cancelled 157 Shares to be forfeited if membership cancelled > > (1) If a co-operative has share capital, the board of the co-operative must declare the shares of a member to be forfeited at the same time as the member’s membership is cancelled under section 156. > > > (2) The board’s declaration has the effect of forfeiting the shares concerned. > > > (3) Nothing in this section affects the operation of section 163.